Let's jump off the "Fiscal Cliff" and see what happens

Tax policy since the 1980's has been largely regressive. giving larger tax breaks to the top income brackets and drastically lowering income taxes on dividends and capital gains. The theory behind stimulating growth by cutting taxes for the upper incomes is "Supply Side Economics" commonly referred to as "Trickle Down Economics" This actually can work when lack of supply is the problem. Unfortunately our globalized economy now has a demand problem, money has piled up at the top and wages and buying power have stagnated at the bottom. A strongly progressive tax system can start to fix that. Let the Bush Tax cuts expire.

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Tim, progressive taxation systems should always be at or near the top of our progressive agenda. I’d like to see dividends and capital gains taxed the same as earned income (even though the wife and I enjoy a small amount of dividend income ourselves). Also, I’d like to see our Congress get interested in a small tax on financial transactions on Wall Street. Think of the enormous revenue source THAT would be, even at a very low rate. John